false--11-30Q120180000920760Large Accelerated FilerLENNAR CORP /NEW/P1YP1Y2300.100.100.100.10300000000900000004000000009000000020542994237687505289922064393683040.048750.0450.0450.0450.041250.04750.04750.04750.0695P364DP364DP364DP364DP364DP364DP364DP364DP364D17600000001473590167965019175131688366 0000920760 2017-12-01 2018-02-28 0000920760 us-gaap:CommonClassAMember 2018-02-28 0000920760 us-gaap:CommonClassBMember 2018-02-28 0000920760 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember len:LennarMultifamilyMember 2017-11-30 0000920760 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember len:LennarMultifamilyMember 2018-02-28 0000920760 len:RialtoInvestmentsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-02-28 0000920760 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-11-30 0000920760 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-02-28 0000920760 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2017-11-30 0000920760 len:RialtoInvestmentsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2017-11-30 0000920760 2018-02-28 0000920760 len:LennarFinancialServicesMember 2018-02-28 0000920760 len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-11-30 0000920760 len:RialtoInvestmentsMember 2018-02-28 0000920760 len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 len:RialtoInvestmentsMember 2017-11-30 0000920760 2017-11-30 0000920760 len:LennarFinancialServicesMember 2017-11-30 0000920760 len:LennarMultifamilyMember 2017-11-30 0000920760 len:LennarMultifamilyMember 2018-02-28 0000920760 us-gaap:CommonClassBMember 2017-11-30 0000920760 us-gaap:CommonClassAMember 2017-11-30 0000920760 len:LennarMultifamilyMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-02-28 0000920760 len:RialtoInvestmentsMember 2017-12-01 2018-02-28 0000920760 2016-12-01 2017-02-28 0000920760 us-gaap:OperatingSegmentsMember len:RialtoInvestmentsMember 2017-12-01 2018-02-28 0000920760 len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-12-01 2018-02-28 0000920760 len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2016-12-01 2017-02-28 0000920760 len:RialtoInvestmentsMember 2016-12-01 2017-02-28 0000920760 len:LennarFinancialServicesMember 2016-12-01 2017-02-28 0000920760 us-gaap:OperatingSegmentsMember len:LennarFinancialServicesMember 2017-12-01 2018-02-28 0000920760 len:LennarMultifamilyMember 2016-12-01 2017-02-28 0000920760 us-gaap:OperatingSegmentsMember len:RialtoInvestmentsMember 2016-12-01 2017-02-28 0000920760 len:LennarFinancialServicesMember 2017-12-01 2018-02-28 0000920760 us-gaap:CommonClassAMember 2017-12-01 2018-02-28 0000920760 us-gaap:OperatingSegmentsMember len:LennarMultifamilyMember 2016-12-01 2017-02-28 0000920760 len:LennarMultifamilyMember 2017-12-01 2018-02-28 0000920760 us-gaap:OperatingSegmentsMember len:LennarFinancialServicesMember 2016-12-01 2017-02-28 0000920760 us-gaap:CommonClassAMember 2016-12-01 2017-02-28 0000920760 us-gaap:OperatingSegmentsMember len:LennarMultifamilyMember 2017-12-01 2018-02-28 0000920760 us-gaap:CommonClassBMember 2017-11-27 2017-11-27 0000920760 us-gaap:WarehouseAgreementBorrowingsMember 2017-12-01 2018-02-28 0000920760 us-gaap:RevolvingCreditFacilityMember 2017-12-01 2018-02-28 0000920760 us-gaap:OperatingSegmentsMember len:LennarMultifamilyMember 2018-02-28 0000920760 len:LennarMultifamilyandLennarHomebuildingEastCentralWestHoustonandOtherMember 2017-12-01 2018-02-28 0000920760 len:LennarMultifamilyandLennarHomebuildingEastCentralWestHoustonandOtherMember 2016-12-01 2017-02-28 0000920760 2016-11-30 0000920760 us-gaap:OperatingSegmentsMember len:LennarFinancialServicesMember 2017-02-28 0000920760 2017-02-28 0000920760 us-gaap:RevolvingCreditFacilityMember 2016-12-01 2017-02-28 0000920760 us-gaap:OperatingSegmentsMember len:LennarMultifamilyMember 2017-02-28 0000920760 us-gaap:OperatingSegmentsMember len:RialtoInvestmentsMember 2017-02-28 0000920760 us-gaap:OperatingSegmentsMember len:RialtoInvestmentsMember 2018-02-28 0000920760 us-gaap:OperatingSegmentsMember 2018-02-28 0000920760 us-gaap:OperatingSegmentsMember len:LennarFinancialServicesMember 2018-02-28 0000920760 us-gaap:OperatingSegmentsMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 us-gaap:OperatingSegmentsMember 2017-02-28 0000920760 us-gaap:WarehouseAgreementBorrowingsMember 2016-12-01 2017-02-28 0000920760 us-gaap:OperatingSegmentsMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-02-28 0000920760 len:WCICommunitiesInc.Member us-gaap:TradeNamesMember 2017-02-10 2017-02-10 0000920760 len:WCICommunitiesInc.Member 2016-12-01 2017-02-28 0000920760 len:CalAtlanticGroupInc.Member 2017-12-01 2018-02-28 0000920760 len:WCICommunitiesInc.Member len:HomebuildingEastMember 2017-02-10 0000920760 len:CalAtlanticGroupInc.Member len:LennarFinancialServicesMember 2018-02-12 0000920760 len:FourPointOneTwoFivePercentSeniorNotesDueTwoThousandTwentyTwoMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 len:CalAtlanticGroupInc.Member 2018-02-12 0000920760 len:WCICommunitiesInc.Member 2017-02-10 2017-02-10 0000920760 len:WCICommunitiesInc.Member len:LennarFinancialServicesMember 2018-02-28 0000920760 len:CalAtlanticGroupInc.Member us-gaap:TradeNamesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-12 2018-02-12 0000920760 len:WCICommunitiesInc.Member us-gaap:NoncompeteAgreementsMember 2017-02-10 2017-02-10 0000920760 len:CalAtlanticGroupInc.Member 2016-12-01 2017-02-28 0000920760 len:CalAtlanticGroupInc.Member len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-12 0000920760 len:WCICommunitiesInc.Member 2017-02-10 0000920760 len:CalAtlanticGroupInc.Member us-gaap:CommonClassAMember 2018-02-12 2018-02-12 0000920760 len:CalAtlanticGroupInc.Member 2018-02-12 0000920760 len:CalAtlanticGroupInc.Member us-gaap:CommonClassBMember 2018-02-12 2018-02-12 0000920760 len:CalAtlanticGroupInc.Member 2018-02-12 2018-02-12 0000920760 len:EquityAwardsConvertibleUponChangeinControlMember len:CalAtlanticGroupInc.Member 2018-02-12 2018-02-12 0000920760 us-gaap:MaterialReconcilingItemsMember 2017-12-01 2018-02-28 0000920760 us-gaap:OperatingSegmentsMember len:HomebuildingWestMember 2016-12-01 2017-02-28 0000920760 us-gaap:MaterialReconcilingItemsMember 2016-12-01 2017-02-28 0000920760 us-gaap:OperatingSegmentsMember len:HomebuildingCentralMember 2016-12-01 2017-02-28 0000920760 us-gaap:OperatingSegmentsMember len:HomebuildingWestMember 2017-12-01 2018-02-28 0000920760 us-gaap:OperatingSegmentsMember len:HomebuildingCentralMember 2017-12-01 2018-02-28 0000920760 us-gaap:OperatingSegmentsMember len:HomebuildingEastMember 2017-12-01 2018-02-28 0000920760 us-gaap:OperatingSegmentsMember len:HomebuildingEastMember 2016-12-01 2017-02-28 0000920760 len:TreasureIslandHoldingsMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 len:TreasureIslandHoldingsMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-12-01 2018-02-28 0000920760 us-gaap:CorporateNonSegmentMember 2017-11-30 0000920760 us-gaap:OperatingSegmentsMember len:HomebuildingWestMember 2018-02-28 0000920760 us-gaap:OperatingSegmentsMember len:HomebuildingEastMember 2017-11-30 0000920760 us-gaap:OperatingSegmentsMember len:LennarFinancialServicesMember 2017-11-30 0000920760 us-gaap:MaterialReconcilingItemsMember 2018-02-28 0000920760 us-gaap:CorporateNonSegmentMember 2018-02-28 0000920760 us-gaap:OperatingSegmentsMember len:HomebuildingWestMember 2017-11-30 0000920760 us-gaap:OperatingSegmentsMember len:HomebuildingEastMember 2018-02-28 0000920760 us-gaap:OperatingSegmentsMember len:LennarMultifamilyMember 2017-11-30 0000920760 us-gaap:OperatingSegmentsMember len:HomebuildingCentralMember 2018-02-28 0000920760 us-gaap:MaterialReconcilingItemsMember 2017-11-30 0000920760 us-gaap:OperatingSegmentsMember len:RialtoInvestmentsMember 2017-11-30 0000920760 us-gaap:OperatingSegmentsMember len:HomebuildingCentralMember 2017-11-30 0000920760 len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2016-12-01 2017-11-30 0000920760 len:JointVenturesPreviouslyManagedbyFivePointCommunitiesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2016-05-02 0000920760 len:FivePointUnconsolidatedEntityMember 2018-02-28 0000920760 len:FivePointUnconsolidatedEntityMember 2017-05-01 2017-05-31 0000920760 us-gaap:NoncontrollingInterestMember 2017-12-01 2018-02-28 0000920760 us-gaap:AdditionalPaidInCapitalMember 2017-12-01 2018-02-28 0000920760 us-gaap:AdditionalPaidInCapitalMember 2018-02-28 0000920760 us-gaap:RetainedEarningsMember 2017-12-01 2018-02-28 0000920760 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-01 2018-02-28 0000920760 us-gaap:TreasuryStockMember 2017-12-01 2018-02-28 0000920760 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2017-12-01 2018-02-28 0000920760 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2017-12-01 2018-02-28 0000920760 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2017-11-30 0000920760 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-11-30 0000920760 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2018-02-28 0000920760 us-gaap:NoncontrollingInterestMember 2017-11-30 0000920760 us-gaap:RetainedEarningsMember 2018-02-28 0000920760 us-gaap:RetainedEarningsMember 2017-11-30 0000920760 us-gaap:AdditionalPaidInCapitalMember 2017-11-30 0000920760 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-02-28 0000920760 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2018-02-28 0000920760 us-gaap:NoncontrollingInterestMember 2018-02-28 0000920760 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2017-11-30 0000920760 us-gaap:TreasuryStockMember 2017-11-30 0000920760 us-gaap:TreasuryStockMember 2018-02-28 0000920760 us-gaap:NoncontrollingInterestMember 2016-12-01 2017-02-28 0000920760 us-gaap:AdditionalPaidInCapitalMember 2017-02-28 0000920760 us-gaap:TreasuryStockMember 2016-12-01 2017-02-28 0000920760 us-gaap:AdditionalPaidInCapitalMember 2016-12-01 2017-02-28 0000920760 us-gaap:NoncontrollingInterestMember 2016-11-30 0000920760 us-gaap:AdditionalPaidInCapitalMember 2016-11-30 0000920760 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2017-02-28 0000920760 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2016-11-30 0000920760 us-gaap:RetainedEarningsMember 2016-12-01 2017-02-28 0000920760 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2017-02-28 0000920760 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2016-11-30 0000920760 us-gaap:TreasuryStockMember 2016-11-30 0000920760 us-gaap:RetainedEarningsMember 2017-02-28 0000920760 us-gaap:TreasuryStockMember 2017-02-28 0000920760 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-11-30 0000920760 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-12-01 2017-02-28 0000920760 us-gaap:NoncontrollingInterestMember 2017-02-28 0000920760 us-gaap:RetainedEarningsMember 2016-11-30 0000920760 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-02-28 0000920760 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2016-12-01 2017-02-28 0000920760 len:CalAtlanticGroupInc.Member 2018-02-28 0000920760 us-gaap:EmployeeStockOptionMember 2017-12-01 2018-02-28 0000920760 us-gaap:EmployeeStockOptionMember 2016-12-01 2017-02-28 0000920760 len:WarehouseRepurchaseFacilityDueinMarch2018Member us-gaap:WarehouseAgreementBorrowingsMember len:LennarFinancialServicesMember 2018-02-28 0000920760 len:WarehouseRepurchaseFacilityDueinSeptember2018Member us-gaap:WarehouseAgreementBorrowingsMember len:LennarFinancialServicesMember 2018-02-28 0000920760 us-gaap:WarehouseAgreementBorrowingsMember len:LennarFinancialServicesMember 2018-02-28 0000920760 len:WarehouseRepurchaseFacilityDueinJune2018TwoMember us-gaap:WarehouseAgreementBorrowingsMember len:LennarFinancialServicesMember 2018-02-28 0000920760 len:WarehouseRepurchaseFacilityDueinDecember2018Member us-gaap:WarehouseAgreementBorrowingsMember len:LennarFinancialServicesMember 2018-02-28 0000920760 len:WarehouseRepurchaseFacilityDueinJune2018OneMember us-gaap:WarehouseAgreementBorrowingsMember len:LennarFinancialServicesMember 2018-02-28 0000920760 len:RepresentationandWarrantyLiabilityMember len:LennarFinancialServicesMember 2018-02-28 0000920760 len:RepresentationandWarrantyLiabilityMember len:LennarFinancialServicesMember 2017-11-30 0000920760 len:RepresentationandWarrantyLiabilityMember len:LennarFinancialServicesMember 2017-02-28 0000920760 len:RepresentationandWarrantyLiabilityMember len:LennarFinancialServicesMember 2017-12-01 2018-02-28 0000920760 len:RepresentationandWarrantyLiabilityMember len:LennarFinancialServicesMember 2016-12-01 2017-02-28 0000920760 len:RepresentationandWarrantyLiabilityMember len:LennarFinancialServicesMember 2016-11-30 0000920760 len:MortgageLoanCommitmentsMember len:LennarFinancialServicesMember 2018-02-28 0000920760 us-gaap:WarehouseAgreementBorrowingsMember len:LennarFinancialServicesMember 2017-11-30 0000920760 us-gaap:ServicingContractsMember len:LennarFinancialServicesMember 2017-11-30 0000920760 us-gaap:ForwardContractsMember len:LennarFinancialServicesMember 2017-11-30 0000920760 us-gaap:ForwardContractsMember len:LennarFinancialServicesMember 2018-02-28 0000920760 us-gaap:ServicingContractsMember len:LennarFinancialServicesMember 2018-02-28 0000920760 len:MortgageLoanCommitmentsMember len:LennarFinancialServicesMember 2017-11-30 0000920760 len:WarehouseRepurchaseFacilityDueinDecember2018Member us-gaap:WarehouseAgreementBorrowingsMember len:LennarFinancialServicesMember 2017-12-01 2018-02-28 0000920760 len:WarehouseRepurchaseFacilityDueinMarch2018Member us-gaap:WarehouseAgreementBorrowingsMember len:LennarFinancialServicesMember 2017-12-01 2018-02-28 0000920760 len:WarehouseRepurchaseFacilityDueinSeptember2018Member us-gaap:WarehouseAgreementBorrowingsMember len:LennarFinancialServicesMember 2017-12-01 2018-02-28 0000920760 len:WarehouseRepurchaseFacilityDueinJune2018TwoMember us-gaap:WarehouseAgreementBorrowingsMember len:LennarFinancialServicesMember 2017-12-01 2018-02-28 0000920760 len:WarehouseRepurchaseFacilityDueinJune2018OneMember us-gaap:WarehouseAgreementBorrowingsMember len:LennarFinancialServicesMember 2017-12-01 2018-02-28 0000920760 us-gaap:WarehouseAgreementBorrowingsMember len:RialtoInvestmentsMember 2018-02-28 0000920760 len:RialtoMortgageFinanceMember us-gaap:WarehouseAgreementBorrowingsMember len:RialtoInvestmentsMember 2018-02-28 0000920760 len:RialtoMortgageFinanceMember us-gaap:WarehouseAgreementBorrowingsMember len:WarehouseRepurchaseFacilityDueinDecember2018Member len:RialtoInvestmentsMember 2018-02-28 0000920760 len:RialtoMortgageFinanceMember us-gaap:WarehouseAgreementBorrowingsMember len:WarehouseRepurchaseFacilityDueinOctober2018Member len:RialtoInvestmentsMember 2018-02-28 0000920760 len:RialtoMortgageFinanceMember us-gaap:WarehouseAgreementBorrowingsMember len:WarehouseRepurchaseFacilityDueinDecember2019Member len:RialtoInvestmentsMember 2018-02-28 0000920760 us-gaap:WarehouseAgreementBorrowingsMember len:WarehouseRepurchaseFacilityDueinAugust2018Member len:RialtoInvestmentsMember 2018-02-28 0000920760 us-gaap:WarehouseAgreementBorrowingsMember len:WarehouseRepurchaseFacilityDueInNovember2018Member len:RialtoInvestmentsMember 2018-02-28 0000920760 len:SevenPercentSeniorNotesdueTwoThousandEighteenMember us-gaap:SeniorNotesMember len:RialtoInvestmentsMember 2018-02-28 0000920760 len:RialtoMortgageFinanceMember len:RialtoInvestmentsMember 2017-12-01 2018-02-28 0000920760 len:FDICPortfolioMember len:RialtoInvestmentsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2017-11-30 0000920760 us-gaap:CommercialMortgageBackedSecuritiesMember len:RialtoInvestmentsMember 2017-12-01 2018-02-28 0000920760 us-gaap:CommercialMortgageBackedSecuritiesMember us-gaap:MaximumMember len:RialtoInvestmentsMember 2017-12-01 2018-02-28 0000920760 len:FDICPortfolioMember len:RialtoInvestmentsMember 2010-11-30 0000920760 len:RialtoMortgageFinanceMember len:RialtoInvestmentsMember 2016-12-01 2017-02-28 0000920760 len:FDICPortfolioMember len:RialtoInvestmentsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-02-28 0000920760 len:RealEstateInvestmentFundLPMember len:RialtoInvestmentsMember 2017-12-01 2018-02-28 0000920760 len:RialtoMortgageFinanceMember len:RialtoInvestmentsMember 2018-02-28 0000920760 len:RialtoMortgageFinanceMember us-gaap:PerformingFinancingReceivableMember len:RialtoInvestmentsMember 2016-12-01 2017-02-28 0000920760 len:RealEstateInvestmentFundLPMember len:RialtoInvestmentsMember 2016-12-01 2017-02-28 0000920760 us-gaap:CommercialMortgageBackedSecuritiesMember len:RialtoInvestmentsMember 2018-02-28 0000920760 len:RialtoMortgageFinanceMember us-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMember len:RialtoInvestmentsMember 2016-12-01 2017-02-28 0000920760 us-gaap:CommercialMortgageBackedSecuritiesMember us-gaap:MinimumMember len:RialtoInvestmentsMember 2017-12-01 2018-02-28 0000920760 len:SevenPercentSeniorNotesdueTwoThousandEighteenMember us-gaap:SeniorNotesMember len:RialtoInvestmentsMember 2017-11-30 0000920760 len:RialtoMortgageFinanceMember us-gaap:WarehouseAgreementBorrowingsMember len:RialtoInvestmentsMember 2017-11-30 0000920760 len:FDICPortfolioMember len:RialtoInvestmentsMember 2010-01-01 2010-12-31 0000920760 len:RialtoInvestmentsMember 2014-12-01 2015-11-30 0000920760 us-gaap:WarehouseAgreementBorrowingsMember len:RialtoInvestmentsMember 2017-11-30 0000920760 us-gaap:CommercialMortgageBackedSecuritiesMember len:RialtoInvestmentsMember 2017-11-30 0000920760 len:RialtoCreditPartnershipLPMember len:RialtoInvestmentsMember 2017-11-30 0000920760 len:OtherEquityMethodInvestmentsMember len:RialtoInvestmentsMember 2017-11-30 0000920760 len:RialtoRealEstateFundIILPMember len:RialtoInvestmentsMember 2017-11-30 0000920760 len:RialtoRealEstateFundIILPMember len:RialtoInvestmentsMember 2018-02-28 0000920760 len:RialtoMezzaninePartnersFundLPMember len:RialtoInvestmentsMember 2018-02-28 0000920760 len:RealEstateInvestmentFundLPMember len:RialtoInvestmentsMember 2018-02-28 0000920760 len:RialtoCapitalCMBSFundsMember len:RialtoInvestmentsMember 2017-11-30 0000920760 len:RialtoCreditPartnershipLPMember len:RialtoInvestmentsMember 2018-02-28 0000920760 len:RialtoCapitalCMBSFundsMember len:RialtoInvestmentsMember 2018-02-28 0000920760 len:RialtoRealEstateInvestmentFundIIIMember len:RialtoInvestmentsMember 2018-02-28 0000920760 len:RealEstateInvestmentFundLPMember len:RialtoInvestmentsMember 2017-11-30 0000920760 len:RialtoMezzaninePartnersFundLPMember len:RialtoInvestmentsMember 2017-11-30 0000920760 len:OtherEquityMethodInvestmentsMember len:RialtoInvestmentsMember 2018-02-28 0000920760 len:RialtoRealEstateInvestmentFundIIIMember len:RialtoInvestmentsMember 2017-11-30 0000920760 us-gaap:WarehouseAgreementBorrowingsMember len:WarehouseRepurchaseFacilityDueinAugust2018Member len:RialtoInvestmentsMember 2017-12-01 2018-02-28 0000920760 len:WarehouseRepurchaseFacilityDueInNovember2018Member len:RialtoInvestmentsMember 2017-12-01 2018-02-28 0000920760 us-gaap:CommercialMortgageBackedSecuritiesMember len:RialtoInvestmentsMember 2016-12-01 2017-02-28 0000920760 len:WarehouseRepurchaseFacilityDueinDecember2018Member len:RialtoInvestmentsMember 2017-12-01 2018-02-28 0000920760 len:WarehouseRepurchaseFacilityDueinOctober2018Member len:RialtoInvestmentsMember 2017-12-01 2018-02-28 0000920760 len:WarehouseRepurchaseFacilityDueinDecember2019Member len:RialtoInvestmentsMember 2017-12-01 2018-02-28 0000920760 us-gaap:WarehouseAgreementBorrowingsMember len:WarehouseRepurchaseFacilityDueinOctober2018Member len:RialtoInvestmentsMember 2017-12-01 2018-02-28 0000920760 len:RialtoMortgageFinanceMember len:RialtoInvestmentsMember 2017-02-28 0000920760 len:LennarMultifamilyVentureMember len:LennarMultifamilyMember 2018-02-28 0000920760 len:LennarMultifamilyVentureIILPMember len:LennarMultifamilyMember us-gaap:SubsequentEventMember 2018-03-31 0000920760 us-gaap:EquityMethodInvesteeMember len:LennarMultifamilyMember 2016-12-01 2017-02-28 0000920760 len:LennarMultifamilyVentureIILPMember len:LennarMultifamilyMember us-gaap:SubsequentEventMember 2018-03-01 2018-03-31 0000920760 len:FinancialLettersOfCreditMember len:LennarMultifamilyMember 2018-02-28 0000920760 len:FinancialLettersOfCreditMember len:LennarMultifamilyMember 2017-11-30 0000920760 len:LennarMultifamilyVentureMember len:LennarMultifamilyMember 2017-12-01 2018-02-28 0000920760 len:EquityCommitmentsMember len:LennarMultifamilyMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2018-02-28 0000920760 len:LennarMultifamilyVentureMember len:LennarMultifamilyMember 2016-12-01 2017-02-28 0000920760 len:LennarMultifamilyVentureMember len:LennarMultifamilyMember 2017-11-30 0000920760 us-gaap:EquityMethodInvesteeMember len:LennarMultifamilyMember 2017-12-01 2018-02-28 0000920760 len:EightPointThreeSevenFivePercentSeniorNotesDueTwentyEighteenMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-11-30 0000920760 len:TwoPointNineFivePercentSeniorNotesDueTwoThousandTwentyMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 len:FourPointOneTwoFivePercentSeniorNotesDueTwoThousandTwentyTwoMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-11-30 0000920760 len:FourPointOneTwoFivePercentSeniorNotesDueTwoThousandEighteenMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 len:SixPointSixTwoFivePercentSeniorNotesDueTwentyTwentyMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 len:FivePointEightSevenFivePercentSeniorNotesDueTwentyTwentyFourMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-11-30 0000920760 len:ZeroPointTwoFivePercentConvertibleSeniorNotesDueTwentyNineteenMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-11-30 0000920760 len:FourPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyThreeMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 len:FourPointFiveZeroZeroPercentSeniorNotesDueTwoThousandTwentyFourMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 len:FivePointZeroZeroPercentSeniorNotesDueTwentyTwentySevenMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 len:FourPointSevenFiveZeroPercentSeniorNotesDueTwoThousandTwentyOneMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 len:FourPointSevenFivePercentSeniorNotesDueTwentyTwentySevenMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 len:FourPointOneTwoFivePercentSeniorNotesDueTwoThousandEighteenMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-11-30 0000920760 len:TwoPointNineFivePercentSeniorNotesDueTwoThousandTwentyMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-11-30 0000920760 len:FivePointThreeSevenFivePercentSeniorNotesDueTwentyTwentyTwoMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 len:EightPointThreeSevenFivePercentSeniorNotesDueTwentyTwentyOneMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-11-30 0000920760 len:SixPointSixTwoFivePercentSeniorNotesDueTwentyTwentyMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-11-30 0000920760 len:EightPointThreeSevenFivePercentSeniorNotesDueTwentyEighteenMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 len:FourPointSevenFivePercentSeniorNotesDueTwentyTwentySevenMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-11-30 0000920760 us-gaap:RevolvingCreditFacilityMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-11-30 0000920760 len:FourPointFiveZeroZeroPercentSeniorNotesDueTwoThousandNineteenMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-11-30 0000920760 len:MortgageNotesandOtherMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-11-30 0000920760 len:FivePointEightSevenFivePercentSeniorNotesDueTwentyTwentyFourMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 len:SixPointNineFivePercentSeniorNotesDueTwoThousandEighteenMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-11-30 0000920760 len:FivePointTwoFivePercentSeniorNotesDueTwentyTwentySixMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-11-30 0000920760 len:FivePointThreeSevenFivePercentSeniorNotesDueTwentyTwentyTwoMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-11-30 0000920760 len:FourPointFiveZeroSeniorNotesDueTwoThousandNineteenMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-11-30 0000920760 len:FourPointFiveZeroZeroPercentSeniorNotesDueTwoThousandNineteenMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 len:MortgageNotesandOtherMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 len:FourPointFiveZeroZeroPercentSeniorNotesDueTwoThousandTwentyFourMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-11-30 0000920760 len:FivePointZeroZeroPercentSeniorNotesDueTwentyTwentySevenMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-11-30 0000920760 len:SixPointNineFivePercentSeniorNotesDueTwoThousandEighteenMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 len:FourPointSevenFiveZeroPercentSeniorNotesDueTwoThousandTwentyOneMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-11-30 0000920760 len:FourPointSevenFiveZeroSeniorNotesDueTwoThousandTwentyFiveMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 len:FourPointFiveZeroSeniorNotesDueTwoThousandNineteenMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 len:SixPointTwoFivePercentSeniorNotesDueTwentyTwentyOneMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-11-30 0000920760 len:ZeroPointTwoFivePercentConvertibleSeniorNotesDueTwentyNineteenMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 len:FourPointSevenFiveZeroSeniorNotesDueTwoThousandTwentyFiveMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-11-30 0000920760 us-gaap:RevolvingCreditFacilityMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 len:FivePointTwoFivePercentSeniorNotesDueTwentyTwentySixMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 len:FourPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyThreeMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-11-30 0000920760 len:FourPointSevenFiveZeroSeniorNotesDueTwoThousandTwentyTwoMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-11-30 0000920760 len:SixPointTwoFivePercentSeniorNotesDueTwentyTwentyOneMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 len:OnePointSixTwoFivePercentConvertibleSeniorNotesDueTwentyEighteenMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 len:FourPointSevenFiveZeroSeniorNotesDueTwoThousandTwentyTwoMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 len:EightPointThreeSevenFivePercentSeniorNotesDueTwentyTwentyOneMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 len:OnePointSixTwoFivePercentConvertibleSeniorNotesDueTwentyEighteenMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-11-30 0000920760 len:CalAtlanticGroupInc.Member len:EightPointThreeSevenFivePercentSeniorNotesDueTwentyEighteenMember us-gaap:SeniorNotesMember 2018-02-12 0000920760 len:CalAtlanticGroupInc.Member len:EightPointThreeSevenFivePercentSeniorNotesDueTwentyTwentyOneMember us-gaap:SeniorNotesMember 2018-02-12 0000920760 us-gaap:RevolvingCreditFacilityMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-01-31 0000920760 us-gaap:SuretyBondMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-12-01 2018-02-28 0000920760 len:OnePointSixTwoFivePercentConvertibleSeniorNotesandEightPointThreeSevenFivePercentSeniorNotesDueTwentyEighteenMember us-gaap:SeniorNotesMember us-gaap:SubsequentEventMember 2018-03-01 2018-03-31 0000920760 us-gaap:RevolvingCreditFacilityMember len:CreditFacilityDueinJune2022Member len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 len:FinancialLettersOfCreditMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-11-30 0000920760 len:OnePointSixTwoFivePercentConvertibleSeniorNotesandEightPointThreeSevenFivePercentSeniorNotesDueTwentyEighteenMember us-gaap:SeniorNotesMember us-gaap:CommonClassAMember us-gaap:SubsequentEventMember 2018-03-01 2018-03-31 0000920760 us-gaap:SuretyBondMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 len:OnePointSixTwoFivePercentConvertibleSeniorNotesDueTwentyEighteenMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember us-gaap:SubsequentEventMember 2018-03-01 2018-03-31 0000920760 len:CalAtlanticGroupInc.Member len:FivePointZeroZeroPercentSeniorNotesDueTwentyTwentySevenMember us-gaap:SeniorNotesMember 2018-02-12 0000920760 us-gaap:RevolvingCreditFacilityMember len:CreditFacilityDueinJune2018Member len:LennarHomebuildingEastCentralWestHoustonandOtherMember us-gaap:SubsequentEventMember 2018-03-31 0000920760 len:CalAtlanticGroupInc.Member len:SixPointSixTwoFivePercentSeniorNotesDueTwentyTwentyMember us-gaap:SeniorNotesMember 2018-02-12 0000920760 len:CalAtlanticGroupInc.Member len:FivePointTwoFivePercentSeniorNotesDueTwentyTwentySixMember us-gaap:SeniorNotesMember 2018-02-12 0000920760 us-gaap:LetterOfCreditMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 len:ZeroPointTwoFivePercentConvertibleSeniorNotesDueTwentyNineteenMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember us-gaap:SubsequentEventMember 2018-03-31 0000920760 len:PerformanceLettersOfCreditMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 len:CalAtlanticGroupInc.Member len:SixPointTwoFivePercentSeniorNotesDueTwentyTwentyOneMember us-gaap:SeniorNotesMember 2018-02-12 0000920760 len:OnePointSixTwoFivePercentConvertibleSeniorNotesandEightPointThreeSevenFivePercentSeniorNotesDueTwentyEighteenMember us-gaap:SeniorNotesMember us-gaap:CommonClassBMember us-gaap:SubsequentEventMember 2018-03-01 2018-03-31 0000920760 len:FinancialLettersOfCreditMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 us-gaap:RevolvingCreditFacilityMember len:CreditFacilityDueinJune2018Member len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-11-30 0000920760 us-gaap:RevolvingCreditFacilityMember len:CreditFacilityDueinJune2018Member len:LennarHomebuildingEastCentralWestHoustonandOtherMember us-gaap:SubsequentEventMember 2018-03-01 2018-03-31 0000920760 len:PerformanceLettersOfCreditMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-11-30 0000920760 len:ZeroPointTwoFivePercentConvertibleSeniorNotesDueTwentyNineteenMember us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember us-gaap:SubsequentEventMember 2018-03-01 2018-03-31 0000920760 len:CalAtlanticGroupInc.Member len:FivePointEightSevenFivePercentSeniorNotesDueTwentyTwentyFourMember us-gaap:SeniorNotesMember 2018-02-12 0000920760 us-gaap:RevolvingCreditFacilityMember len:CreditFacilityDueinJune2020Member len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 us-gaap:SeniorNotesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 len:CalAtlanticGroupInc.Member len:FivePointThreeSevenFivePercentSeniorNotesDueTwentyTwentyTwoMember us-gaap:SeniorNotesMember 2018-02-12 0000920760 us-gaap:RestrictedStockMember 2017-12-01 2018-02-28 0000920760 us-gaap:RestrictedStockMember 2016-12-01 2017-02-28 0000920760 us-gaap:FairValueInputsLevel2Member us-gaap:EstimateOfFairValueFairValueDisclosureMember len:LennarFinancialServicesMember 2017-11-30 0000920760 us-gaap:FairValueInputsLevel2Member us-gaap:CarryingReportedAmountFairValueDisclosureMember len:LennarFinancialServicesMember 2018-02-28 0000920760 us-gaap:FairValueInputsLevel2Member us-gaap:CarryingReportedAmountFairValueDisclosureMember len:LennarFinancialServicesMember 2017-11-30 0000920760 us-gaap:FairValueInputsLevel2Member us-gaap:CarryingReportedAmountFairValueDisclosureMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-11-30 0000920760 us-gaap:FairValueInputsLevel3Member us-gaap:EstimateOfFairValueFairValueDisclosureMember len:RialtoInvestmentsMember 2017-11-30 0000920760 us-gaap:FairValueInputsLevel3Member us-gaap:EstimateOfFairValueFairValueDisclosureMember len:RialtoInvestmentsMember 2018-02-28 0000920760 us-gaap:FairValueInputsLevel3Member us-gaap:CarryingReportedAmountFairValueDisclosureMember len:RialtoInvestmentsMember 2018-02-28 0000920760 us-gaap:FairValueInputsLevel2Member us-gaap:EstimateOfFairValueFairValueDisclosureMember len:RialtoInvestmentsMember 2018-02-28 0000920760 us-gaap:FairValueInputsLevel3Member us-gaap:CarryingReportedAmountFairValueDisclosureMember len:RialtoInvestmentsMember 2017-11-30 0000920760 us-gaap:FairValueInputsLevel2Member us-gaap:EstimateOfFairValueFairValueDisclosureMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-11-30 0000920760 us-gaap:FairValueInputsLevel2Member us-gaap:CarryingReportedAmountFairValueDisclosureMember len:RialtoInvestmentsMember 2018-02-28 0000920760 us-gaap:FairValueInputsLevel2Member us-gaap:EstimateOfFairValueFairValueDisclosureMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 us-gaap:FairValueInputsLevel3Member us-gaap:CarryingReportedAmountFairValueDisclosureMember len:LennarFinancialServicesMember 2018-02-28 0000920760 us-gaap:FairValueInputsLevel3Member us-gaap:CarryingReportedAmountFairValueDisclosureMember len:LennarFinancialServicesMember 2017-11-30 0000920760 us-gaap:FairValueInputsLevel2Member us-gaap:EstimateOfFairValueFairValueDisclosureMember len:RialtoInvestmentsMember 2017-11-30 0000920760 us-gaap:FairValueInputsLevel3Member us-gaap:EstimateOfFairValueFairValueDisclosureMember len:LennarFinancialServicesMember 2017-11-30 0000920760 us-gaap:FairValueInputsLevel2Member us-gaap:EstimateOfFairValueFairValueDisclosureMember len:LennarFinancialServicesMember 2018-02-28 0000920760 us-gaap:FairValueInputsLevel2Member us-gaap:CarryingReportedAmountFairValueDisclosureMember len:RialtoInvestmentsMember 2017-11-30 0000920760 us-gaap:FairValueInputsLevel3Member us-gaap:EstimateOfFairValueFairValueDisclosureMember len:LennarFinancialServicesMember 2018-02-28 0000920760 us-gaap:FairValueInputsLevel2Member us-gaap:CarryingReportedAmountFairValueDisclosureMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember len:RialtoInvestmentsMember 2017-11-30 0000920760 len:MortgageLoanCommitmentsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember len:LennarFinancialServicesMember 2018-02-28 0000920760 us-gaap:ForwardContractsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember len:LennarFinancialServicesMember 2018-02-28 0000920760 us-gaap:ForwardContractsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember len:LennarFinancialServicesMember 2017-11-30 0000920760 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember len:LennarFinancialServicesMember 2017-11-30 0000920760 len:MortgageLoanCommitmentsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember len:LennarFinancialServicesMember 2017-11-30 0000920760 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember len:LennarFinancialServicesMember 2018-02-28 0000920760 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember len:LennarFinancialServicesMember 2017-11-30 0000920760 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember len:RialtoInvestmentsMember 2018-02-28 0000920760 us-gaap:CreditDefaultSwapMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember len:RialtoInvestmentsMember 2017-11-30 0000920760 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember len:LennarFinancialServicesMember 2017-11-30 0000920760 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember len:LennarFinancialServicesMember 2018-02-28 0000920760 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember len:LennarFinancialServicesMember 2018-02-28 0000920760 us-gaap:CreditDefaultSwapMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember len:RialtoInvestmentsMember 2018-02-28 0000920760 len:LoansHeldForSaleMember len:RialtoInvestmentsMember 2016-11-30 0000920760 us-gaap:ServicingContractsMember len:LennarFinancialServicesMember 2016-12-01 2017-02-28 0000920760 len:LoansHeldForSaleMember len:RialtoInvestmentsMember 2017-12-01 2018-02-28 0000920760 len:LoansHeldForSaleMember len:RialtoInvestmentsMember 2016-12-01 2017-02-28 0000920760 us-gaap:ServicingContractsMember len:LennarFinancialServicesMember 2017-12-01 2018-02-28 0000920760 len:LoansHeldForSaleMember len:RialtoInvestmentsMember 2017-11-30 0000920760 len:LoansHeldForSaleMember len:RialtoInvestmentsMember 2018-02-28 0000920760 us-gaap:ServicingContractsMember len:LennarFinancialServicesMember 2017-02-28 0000920760 us-gaap:ServicingContractsMember len:LennarFinancialServicesMember 2018-02-28 0000920760 us-gaap:ServicingContractsMember len:RialtoInvestmentsMember 2017-12-01 2018-02-28 0000920760 us-gaap:ServicingContractsMember len:RialtoInvestmentsMember 2016-12-01 2017-02-28 0000920760 us-gaap:ServicingContractsMember len:LennarFinancialServicesMember 2017-11-30 0000920760 len:LoansHeldForSaleMember len:RialtoInvestmentsMember 2017-02-28 0000920760 us-gaap:ServicingContractsMember len:LennarFinancialServicesMember 2016-11-30 0000920760 us-gaap:FairValueMeasurementsRecurringMember len:LoansHeldForSaleMember len:RialtoInvestmentsMember 2018-02-28 0000920760 us-gaap:FairValueMeasurementsRecurringMember len:LoansHeldForSaleMember len:LennarFinancialServicesMember 2018-02-28 0000920760 us-gaap:ServicingContractsMember us-gaap:FairValueInputsLevel3Member len:LennarFinancialServicesMember 2017-12-01 2018-02-28 0000920760 us-gaap:FairValueMeasurementsRecurringMember len:LoansHeldForSaleMember len:RialtoInvestmentsMember 2017-11-30 0000920760 us-gaap:FairValueMeasurementsRecurringMember len:LoansHeldForSaleMember len:LennarFinancialServicesMember 2017-11-30 0000920760 us-gaap:FairValueInputsLevel3Member 2018-02-28 0000920760 len:ForwardCommitmentsMortgageBackedSecuritiesMember 2018-02-28 0000920760 us-gaap:FairValueMeasurementsRecurringMember 2017-12-01 2018-02-28 0000920760 us-gaap:FairValueMeasurementsRecurringMember 2016-12-01 2017-02-28 0000920760 us-gaap:FairValueMeasurementsRecurringMember len:LoansHeldForSaleMember len:LennarFinancialServicesMember 2016-12-01 2017-02-28 0000920760 us-gaap:AssetsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CreditDefaultSwapMember len:RialtoInvestmentsMember 2016-12-01 2017-02-28 0000920760 us-gaap:FairValueMeasurementsRecurringMember us-gaap:ForwardContractsMember len:LennarFinancialServicesMember 2017-12-01 2018-02-28 0000920760 us-gaap:FairValueMeasurementsRecurringMember len:MortgageLoanCommitmentsMember len:LennarFinancialServicesMember 2017-12-01 2018-02-28 0000920760 us-gaap:FairValueMeasurementsRecurringMember us-gaap:ForwardContractsMember len:LennarFinancialServicesMember 2016-12-01 2017-02-28 0000920760 us-gaap:AssetsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CreditDefaultSwapMember len:RialtoInvestmentsMember 2017-12-01 2018-02-28 0000920760 us-gaap:FairValueMeasurementsRecurringMember len:LoansHeldForSaleMember len:LennarFinancialServicesMember 2017-12-01 2018-02-28 0000920760 us-gaap:FairValueMeasurementsRecurringMember len:MortgageLoanCommitmentsMember len:LennarFinancialServicesMember 2016-12-01 2017-02-28 0000920760 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember len:RialtoInvestmentsMember 2017-12-01 2018-02-28 0000920760 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2016-12-01 2017-02-28 0000920760 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember len:RialtoInvestmentsMember 2016-12-01 2017-02-28 0000920760 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-12-01 2018-02-28 0000920760 us-gaap:MinimumMember 2017-12-01 2018-02-28 0000920760 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2017-12-01 2018-02-28 0000920760 len:RialtoInvestmentsMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2017-11-30 0000920760 len:EquityCommitmentsMember len:LennarMultifamilyMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2017-11-30 0000920760 len:VariableInterestEntityNotPrimaryBeneficiaryIncludingThirdPartiesMember 2018-02-28 0000920760 len:FinancialStandbyLettersofCreditMember len:LennarMultifamilyMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2018-02-28 0000920760 len:FinancialStandbyLettersofCreditMember len:VariableInterestEntityNotPrimaryBeneficiaryIncludingThirdPartiesMember 2018-02-28 0000920760 len:VariableInterestEntityNotPrimaryBeneficiaryIncludingThirdPartiesMember 2017-11-30 0000920760 len:FinancialStandbyLettersofCreditMember len:LennarMultifamilyMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2017-11-30 0000920760 len:LennarHomebuildingEastCentralWestHoustonandOtherMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2018-02-28 0000920760 len:LennarHomebuildingEastCentralWestHoustonandOtherMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2017-11-30 0000920760 len:FinancialStandbyLettersofCreditMember len:VariableInterestEntityNotPrimaryBeneficiaryIncludingThirdPartiesMember 2017-11-30 0000920760 len:RialtoInvestmentsMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2018-02-28 0000920760 len:LennarMultifamilyMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2018-02-28 0000920760 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2018-02-28 0000920760 len:LennarMultifamilyMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2017-11-30 0000920760 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2017-11-30 0000920760 len:DistrictofMarylandMember us-gaap:JudicialRulingMember 2017-04-12 2017-04-12 0000920760 len:DistrictofMarylandMember 2016-12-01 2017-11-30 0000920760 len:FourPointFiveZeroZeroPercentSeniorNotesDueTwoThousandTwentyFourMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 len:SixPointNineFivePercentSeniorNotesDueTwoThousandEighteenMember us-gaap:SeniorNotesMember 2018-02-28 0000920760 len:FourPointOneTwoFivePercentSeniorNotesDueTwoThousandEighteenMember us-gaap:SeniorNotesMember 2018-02-28 0000920760 len:FourPointOneTwoFivePercentSeniorNotesDueTwoThousandTwentyTwoMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 len:FourPointSevenFiveZeroSeniorNotesDueTwoThousandTwentyTwoMember us-gaap:SeniorNotesMember 2018-02-28 0000920760 len:FourPointSevenFiveZeroPercentSeniorNotesDueTwoThousandTwentyOneMember us-gaap:SeniorNotesMember 2018-02-28 0000920760 len:FourPointFiveZeroZeroPercentSeniorNotesDueTwoThousandNineteenMember us-gaap:SeniorNotesMember 2018-02-28 0000920760 len:FourPointFiveZeroSeniorNotesDueTwoThousandNineteenMember us-gaap:SeniorNotesMember 2018-02-28 0000920760 len:FourPointSevenFiveZeroSeniorNotesDueTwoThousandTwentyFiveMember us-gaap:SeniorNotesMember 2018-02-28 0000920760 len:FourPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyThreeMember us-gaap:SeniorNotesMember 2018-02-28 0000920760 us-gaap:GuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 us-gaap:ParentCompanyMember us-gaap:ReportableLegalEntitiesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 us-gaap:NonGuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember len:LennarFinancialServicesMember 2018-02-28 0000920760 us-gaap:ConsolidationEliminationsMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 us-gaap:NonGuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2018-02-28 0000920760 us-gaap:ParentCompanyMember us-gaap:ReportableLegalEntitiesMember len:RialtoInvestmentsMember 2018-02-28 0000920760 us-gaap:ParentCompanyMember us-gaap:ReportableLegalEntitiesMember len:LennarFinancialServicesMember 2018-02-28 0000920760 us-gaap:NonGuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember 2018-02-28 0000920760 us-gaap:GuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember 2018-02-28 0000920760 us-gaap:ParentCompanyMember us-gaap:ReportableLegalEntitiesMember 2018-02-28 0000920760 us-gaap:NonGuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember len:RialtoInvestmentsMember 2018-02-28 0000920760 us-gaap:GuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember len:LennarMultifamilyMember 2018-02-28 0000920760 us-gaap:ConsolidationEliminationsMember len:RialtoInvestmentsMember 2018-02-28 0000920760 us-gaap:ConsolidationEliminationsMember len:LennarMultifamilyMember 2018-02-28 0000920760 us-gaap:NonGuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember len:LennarMultifamilyMember 2018-02-28 0000920760 us-gaap:GuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember len:LennarFinancialServicesMember 2018-02-28 0000920760 us-gaap:ConsolidationEliminationsMember 2018-02-28 0000920760 us-gaap:ConsolidationEliminationsMember len:LennarFinancialServicesMember 2018-02-28 0000920760 us-gaap:ParentCompanyMember us-gaap:ReportableLegalEntitiesMember len:LennarMultifamilyMember 2018-02-28 0000920760 us-gaap:GuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember len:RialtoInvestmentsMember 2018-02-28 0000920760 us-gaap:GuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-11-30 0000920760 us-gaap:ParentCompanyMember us-gaap:ReportableLegalEntitiesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-11-30 0000920760 us-gaap:GuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember len:RialtoInvestmentsMember 2017-11-30 0000920760 us-gaap:ParentCompanyMember us-gaap:ReportableLegalEntitiesMember 2017-11-30 0000920760 us-gaap:NonGuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember len:LennarMultifamilyMember 2017-11-30 0000920760 us-gaap:ConsolidationEliminationsMember 2017-11-30 0000920760 us-gaap:NonGuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember len:LennarFinancialServicesMember 2017-11-30 0000920760 us-gaap:GuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember 2017-11-30 0000920760 us-gaap:NonGuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember 2017-11-30 0000920760 us-gaap:ConsolidationEliminationsMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-11-30 0000920760 us-gaap:NonGuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-11-30 0000920760 us-gaap:GuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember len:LennarFinancialServicesMember 2017-11-30 0000920760 us-gaap:ConsolidationEliminationsMember len:LennarMultifamilyMember 2017-11-30 0000920760 us-gaap:ParentCompanyMember us-gaap:ReportableLegalEntitiesMember len:RialtoInvestmentsMember 2017-11-30 0000920760 us-gaap:ParentCompanyMember us-gaap:ReportableLegalEntitiesMember len:LennarFinancialServicesMember 2017-11-30 0000920760 us-gaap:NonGuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember len:RialtoInvestmentsMember 2017-11-30 0000920760 us-gaap:ConsolidationEliminationsMember len:LennarFinancialServicesMember 2017-11-30 0000920760 us-gaap:ConsolidationEliminationsMember len:RialtoInvestmentsMember 2017-11-30 0000920760 us-gaap:GuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember len:LennarMultifamilyMember 2017-11-30 0000920760 us-gaap:ParentCompanyMember us-gaap:ReportableLegalEntitiesMember len:LennarMultifamilyMember 2017-11-30 0000920760 us-gaap:ParentCompanyMember us-gaap:ReportableLegalEntitiesMember 2017-12-01 2018-02-28 0000920760 us-gaap:GuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-12-01 2018-02-28 0000920760 us-gaap:ConsolidationEliminationsMember 2017-12-01 2018-02-28 0000920760 us-gaap:ParentCompanyMember us-gaap:ReportableLegalEntitiesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-12-01 2018-02-28 0000920760 us-gaap:ConsolidationEliminationsMember len:LennarMultifamilyMember 2017-12-01 2018-02-28 0000920760 us-gaap:GuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember len:LennarFinancialServicesMember 2017-12-01 2018-02-28 0000920760 us-gaap:GuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember 2017-12-01 2018-02-28 0000920760 us-gaap:NonGuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember 2017-12-01 2018-02-28 0000920760 us-gaap:NonGuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember len:LennarMultifamilyMember 2017-12-01 2018-02-28 0000920760 us-gaap:GuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember len:LennarMultifamilyMember 2017-12-01 2018-02-28 0000920760 us-gaap:ParentCompanyMember us-gaap:ReportableLegalEntitiesMember len:LennarMultifamilyMember 2017-12-01 2018-02-28 0000920760 us-gaap:ParentCompanyMember us-gaap:ReportableLegalEntitiesMember len:RialtoInvestmentsMember 2017-12-01 2018-02-28 0000920760 us-gaap:NonGuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember len:LennarFinancialServicesMember 2017-12-01 2018-02-28 0000920760 us-gaap:ConsolidationEliminationsMember len:RialtoInvestmentsMember 2017-12-01 2018-02-28 0000920760 us-gaap:ParentCompanyMember us-gaap:ReportableLegalEntitiesMember len:LennarFinancialServicesMember 2017-12-01 2018-02-28 0000920760 us-gaap:GuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember len:RialtoInvestmentsMember 2017-12-01 2018-02-28 0000920760 us-gaap:NonGuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember len:RialtoInvestmentsMember 2017-12-01 2018-02-28 0000920760 us-gaap:NonGuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-12-01 2018-02-28 0000920760 us-gaap:ConsolidationEliminationsMember len:LennarFinancialServicesMember 2017-12-01 2018-02-28 0000920760 us-gaap:ConsolidationEliminationsMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2017-12-01 2018-02-28 0000920760 us-gaap:NonGuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember 2016-12-01 2017-02-28 0000920760 us-gaap:GuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember len:RialtoInvestmentsMember 2016-12-01 2017-02-28 0000920760 us-gaap:NonGuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2016-12-01 2017-02-28 0000920760 us-gaap:ConsolidationEliminationsMember 2016-12-01 2017-02-28 0000920760 us-gaap:NonGuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember len:LennarMultifamilyMember 2016-12-01 2017-02-28 0000920760 us-gaap:GuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember 2016-12-01 2017-02-28 0000920760 us-gaap:ConsolidationEliminationsMember len:RialtoInvestmentsMember 2016-12-01 2017-02-28 0000920760 us-gaap:GuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2016-12-01 2017-02-28 0000920760 us-gaap:ConsolidationEliminationsMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2016-12-01 2017-02-28 0000920760 us-gaap:ParentCompanyMember us-gaap:ReportableLegalEntitiesMember 2016-12-01 2017-02-28 0000920760 us-gaap:ParentCompanyMember us-gaap:ReportableLegalEntitiesMember len:RialtoInvestmentsMember 2016-12-01 2017-02-28 0000920760 us-gaap:ParentCompanyMember us-gaap:ReportableLegalEntitiesMember len:LennarHomebuildingEastCentralWestHoustonandOtherMember 2016-12-01 2017-02-28 0000920760 us-gaap:NonGuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember len:RialtoInvestmentsMember 2016-12-01 2017-02-28 0000920760 us-gaap:ParentCompanyMember us-gaap:ReportableLegalEntitiesMember len:LennarMultifamilyMember 2016-12-01 2017-02-28 0000920760 us-gaap:GuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember len:LennarMultifamilyMember 2016-12-01 2017-02-28 0000920760 us-gaap:GuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember len:LennarFinancialServicesMember 2016-12-01 2017-02-28 0000920760 us-gaap:ConsolidationEliminationsMember len:LennarMultifamilyMember 2016-12-01 2017-02-28 0000920760 us-gaap:ParentCompanyMember us-gaap:ReportableLegalEntitiesMember len:LennarFinancialServicesMember 2016-12-01 2017-02-28 0000920760 us-gaap:NonGuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember len:LennarFinancialServicesMember 2016-12-01 2017-02-28 0000920760 us-gaap:ConsolidationEliminationsMember len:LennarFinancialServicesMember 2016-12-01 2017-02-28 0000920760 us-gaap:GuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember us-gaap:SeniorNotesMember 2017-12-01 2018-02-28 0000920760 us-gaap:NonGuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember us-gaap:RevolvingCreditFacilityMember 2017-12-01 2018-02-28 0000920760 us-gaap:NonGuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember us-gaap:WarehouseAgreementBorrowingsMember 2017-12-01 2018-02-28 0000920760 us-gaap:GuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember us-gaap:WarehouseAgreementBorrowingsMember 2017-12-01 2018-02-28 0000920760 us-gaap:SeniorNotesMember 2017-12-01 2018-02-28 0000920760 us-gaap:ConsolidationEliminationsMember us-gaap:SeniorNotesMember 2017-12-01 2018-02-28 0000920760 us-gaap:NonGuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember us-gaap:SeniorNotesMember 2017-12-01 2018-02-28 0000920760 us-gaap:ParentCompanyMember us-gaap:ReportableLegalEntitiesMember us-gaap:SeniorNotesMember 2017-12-01 2018-02-28 0000920760 us-gaap:ParentCompanyMember us-gaap:ReportableLegalEntitiesMember us-gaap:WarehouseAgreementBorrowingsMember 2017-12-01 2018-02-28 0000920760 us-gaap:ConsolidationEliminationsMember us-gaap:RevolvingCreditFacilityMember 2017-12-01 2018-02-28 0000920760 us-gaap:GuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember us-gaap:RevolvingCreditFacilityMember 2017-12-01 2018-02-28 0000920760 us-gaap:ConsolidationEliminationsMember us-gaap:WarehouseAgreementBorrowingsMember 2017-12-01 2018-02-28 0000920760 us-gaap:ParentCompanyMember us-gaap:ReportableLegalEntitiesMember us-gaap:RevolvingCreditFacilityMember 2017-12-01 2018-02-28 0000920760 us-gaap:NonGuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember 2016-11-30 0000920760 us-gaap:ConsolidationEliminationsMember us-gaap:RevolvingCreditFacilityMember 2016-12-01 2017-02-28 0000920760 us-gaap:ParentCompanyMember us-gaap:ReportableLegalEntitiesMember us-gaap:SeniorNotesMember 2016-12-01 2017-02-28 0000920760 us-gaap:GuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember 2016-11-30 0000920760 us-gaap:NonGuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember 2017-02-28 0000920760 us-gaap:GuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember 2017-02-28 0000920760 us-gaap:ParentCompanyMember us-gaap:ReportableLegalEntitiesMember us-gaap:RevolvingCreditFacilityMember 2016-12-01 2017-02-28 0000920760 us-gaap:ParentCompanyMember us-gaap:ReportableLegalEntitiesMember 2017-02-28 0000920760 us-gaap:NonGuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember us-gaap:WarehouseAgreementBorrowingsMember 2016-12-01 2017-02-28 0000920760 us-gaap:NonGuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember us-gaap:RevolvingCreditFacilityMember 2016-12-01 2017-02-28 0000920760 us-gaap:GuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember us-gaap:WarehouseAgreementBorrowingsMember 2016-12-01 2017-02-28 0000920760 us-gaap:ConsolidationEliminationsMember us-gaap:WarehouseAgreementBorrowingsMember 2016-12-01 2017-02-28 0000920760 us-gaap:ConsolidationEliminationsMember us-gaap:SeniorNotesMember 2016-12-01 2017-02-28 0000920760 us-gaap:ParentCompanyMember us-gaap:ReportableLegalEntitiesMember us-gaap:WarehouseAgreementBorrowingsMember 2016-12-01 2017-02-28 0000920760 us-gaap:NonGuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember us-gaap:SeniorNotesMember 2016-12-01 2017-02-28 0000920760 us-gaap:SeniorNotesMember 2016-12-01 2017-02-28 0000920760 us-gaap:ParentCompanyMember us-gaap:ReportableLegalEntitiesMember 2016-11-30 0000920760 us-gaap:GuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember us-gaap:SeniorNotesMember 2016-12-01 2017-02-28 0000920760 us-gaap:ConsolidationEliminationsMember 2017-02-28 0000920760 us-gaap:GuarantorSubsidiariesMember us-gaap:ReportableLegalEntitiesMember us-gaap:RevolvingCreditFacilityMember 2016-12-01 2017-02-28 0000920760 us-gaap:ConsolidationEliminationsMember 2016-11-30 len:transaction len:joint_venture len:metropolitan_area iso4217:USD len:homes iso4217:USD xbrli:shares len:investment len:state xbrli:pure iso4217:USD xbrli:shares len:business len:apartment len:community len:asset len:extension len:communities len:property len:homes



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended February 28, 2018
Commission File Number: 1-11749
 
Lennar Corporation
(Exact name of registrant as specified in its charter)
 
Delaware
 
95-4337490
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
700 Northwest 107th Avenue, Miami, Florida 33172
(Address of principal executive offices) (Zip Code)
(305) 559-4000
(Registrant’s telephone number, including area code)
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    YES  ý    NO  ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    YES  ý    NO  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
ý
 
Accelerated filer
¨
Non-accelerated filer
¨
 
Smaller reporting company
¨
 
 
 
Emerging growth company
¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES  ¨    NO  ý
Common stock outstanding as of February 28, 2018:
Class A 288,004,551
Class B 37,679,938





Part I. Financial Information
Item 1. Financial Statements

Lennar Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in thousands)
(unaudited)
 
February 28,
 
November 30,
 
2018 (1)
 
2017 (1)
ASSETS
 
 
 
Lennar Homebuilding:
 
 
 
Cash and cash equivalents
$
733,905

 
2,282,925

Restricted cash
22,842

 
8,740

Receivables, net
194,235

 
137,667

Inventories:
 
 
 
Finished homes and construction in progress
9,306,606

 
4,676,279

Land and land under development
7,907,541

 
5,791,338

Consolidated inventory not owned
366,669

 
393,273

Total inventories
17,580,816

 
10,860,890

Investments in unconsolidated entities
990,723

 
900,769

Goodwill
3,433,477

 
136,566

Other assets
1,437,514

 
863,404

 
24,393,512

 
15,190,961

Lennar Financial Services
1,748,432

 
1,689,508

Rialto
909,249

 
1,153,840

Lennar Multifamily
892,830

 
710,725

Total assets
$
27,944,023

 
18,745,034

(1)
Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations, ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.
As of February 28, 2018, total assets include $864.8 million related to consolidated VIEs of which $7.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $45.4 million in Lennar Homebuilding finished homes and construction in progress, $308.8 million in Lennar Homebuilding land and land under development, $366.7 million in Lennar Homebuilding consolidated inventory not owned, $4.5 million in Lennar Homebuilding investments in unconsolidated entities, $11.7 million in Lennar Homebuilding other assets, $20.0 million in Rialto assets and $100.0 million in Lennar Multifamily assets.
As of November 30, 2017, total assets include $799.4 million related to consolidated VIEs of which $15.8 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $53.2 million in Lennar Homebuilding finished homes and construction in progress, $229.0 million in Lennar Homebuilding land and land under development, $393.3 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $11.8 million in Lennar Homebuilding other assets, $48.8 million in Rialto assets and $42.7 million in Lennar Multifamily assets.

See accompanying notes to condensed consolidated financial statements.
2

Lennar Corporation and Subsidiaries
Condensed Consolidated Balance Sheets – (Continued)
(Dollars in thousands, except shares and per share amounts)
(unaudited)

 
February 28,
 
November 30,
 
2018 (2)
 
2017 (2)
LIABILITIES AND EQUITY
 
 
 
Lennar Homebuilding:
 
 
 
Accounts payable
$
782,797

 
604,953

Liabilities related to consolidated inventory not owned
347,048

 
380,720

Senior notes and other debts payable
10,382,540

 
6,410,003

Other liabilities
1,623,391

 
1,315,641

 
13,135,776

 
8,711,317

Lennar Financial Services
1,005,002

 
1,177,814

Rialto
488,104

 
720,056

Lennar Multifamily
141,057

 
149,715

Total liabilities
14,769,939

 
10,758,902

Stockholders’ equity:
 
 
 
Preferred stock

 

Class A common stock of $0.10 par value; Authorized: February 28, 2018 - 400,000,000 and November 30, 2017 - 300,000,000 shares; Issued: February 28, 2018 - 289,922,064 shares and November 30, 2017 - 205,429,942 shares
28,992

 
20,543

Class B common stock of $0.10 par value; Authorized: February 28, 2018 and November 30, 2017 - 90,000,000 shares; Issued: February 28, 2018 - 39,368,304 shares and November 30, 2017 - 37,687,505 shares
3,937

 
3,769

Additional paid-in capital
8,221,423

 
3,142,013

Retained earnings
4,967,580

 
4,840,978

Treasury stock, at cost; February 28, 2018 - 1,917,513 shares of Class A common stock and 1,688,366 shares of Class B common stock; November 30, 2017 - 1,473,590 shares of Class A common stock and 1,679,650 shares of Class B common stock
(161,378
)
 
(136,020
)
Accumulated other comprehensive income
376

 
1,034

Total stockholders’ equity
13,060,930

 
7,872,317

Noncontrolling interests
113,154

 
113,815

Total equity
13,174,084

 
7,986,132

Total liabilities and equity
$
27,944,023

 
18,745,034

(2)
Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations, ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.
As of February 28, 2018, total liabilities include $366.0 million related to consolidated VIEs as to which there was no recourse against the Company, of which $4.5 million is included in Lennar Homebuilding accounts payable, $11.1 million in Lennar Homebuilding senior notes and other debts payable, $347.0 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.5 million in Lennar Homebuilding other liabilities, $1.8 million in Rialto liabilities and $0.1 million in Lennar Multifamily liabilities.
As of November 30, 2017, total liabilities include $389.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.0 million is included in Lennar Homebuilding accounts payable, $380.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.8 million in Lennar Homebuilding other liabilities and $2.2 million in Rialto liabilities.

See accompanying notes to condensed consolidated financial statements.
3

Lennar Corporation and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(Dollars in thousands, except per share amounts)
(unaudited)


 
Three Months Ended
 
February 28,
 
2018
 
2017
Revenues:
 
 
 
Lennar Homebuilding
$
2,662,093

 
2,018,694

Lennar Financial Services
171,140

 
148,043

Rialto
54,302

 
82,006

Lennar Multifamily
93,256

 
88,685

Total revenues
2,980,791

 
2,337,428

Costs and expenses:
 
 
 
Lennar Homebuilding
2,404,007

 
1,801,561

Lennar Financial Services
151,445

 
127,379

Rialto
45,413

 
66,913

Lennar Multifamily
97,199

 
92,649

Acquisition and integration costs related to CalAtlantic
104,195

 

Corporate general and administrative
67,810

 
60,699

Total costs and expenses
2,870,069

 
2,149,201

Lennar Homebuilding equity in loss from unconsolidated entities
(14,287
)
 
(11,534
)
Lennar Homebuilding other income, net
169,928

 
5,739

Lennar Homebuilding loss due to litigation

 
(140,000
)
Rialto equity in earnings from unconsolidated entities
9,114

 
722

Rialto other expense, net
(8,791
)
 
(16,658
)
Lennar Multifamily equity in earnings from unconsolidated entities
2,742

 
23,147

Earnings before income taxes
269,428

 
49,643

Provision for income taxes (1)
(132,611
)
 
(19,969
)
Net earnings (including net earnings (loss) attributable to noncontrolling interests)
136,817

 
29,674

Less: Net earnings (loss) attributable to noncontrolling interests
602

 
(8,406
)
Net earnings attributable to Lennar
$
136,215

 
38,080

Other comprehensive income (loss), net of tax:
 
 
 
Net unrealized gain (loss) on securities available-for-sale
(658
)
 
972

Total other comprehensive income (loss), net of tax
$
(658
)
 
972

Total comprehensive income attributable to Lennar
$
135,557

 
39,052

Total comprehensive income (loss) attributable to noncontrolling interests
$
602

 
(8,406
)
Basic earnings per share (2)
$
0.53

 
0.16

Diluted earnings per share (2)
$
0.53

 
0.16

Cash dividends per each Class A and Class B common share
$
0.04

 
0.04


(1)
Provision for income taxes for the three months ended February 28, 2018 includes a non-cash one-time write down of deferred tax assets of $68.6 million resulting from the Tax Cuts and Jobs Act enacted in December 2017.
(2)
Basic and diluted average shares outstanding and earnings per share calculations for the three months ended February 28, 2017 have been adjusted to reflect 4.7 million of Class B shares distributed in the stock dividend on November 27, 2017.




See accompanying notes to condensed consolidated financial statements.
4

Lennar Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(unaudited)


 
Three Months Ended
 
February 28,
 
2018
 
2017
Cash flows from operating activities:
 
 
 
Net earnings (including net earnings (loss) attributable to noncontrolling interests)
$
136,817

 
29,674

Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
 
 
 
Depreciation and amortization
19,570

 
11,743

Amortization of discount/premium and accretion on debt, net
40

 
3,132

Equity in (earnings) loss from unconsolidated entities
2,431

 
(12,335
)
Distributions of earnings from unconsolidated entities
3,542

 
31,949

Share-based compensation expense
17,766

 
12,505

Excess tax benefits from share-based awards

 
(1,953
)
Deferred income tax (benefit) expense
33,788

 
(36,229
)
Gain on sale of operating properties and equipment
(207
)
 

Gain on sale of interest in unconsolidated entity
(164,880
)
 

Unrealized and realized gains on real estate owned
(883
)
 
(1,698
)
Impairments of loans receivable and real estate owned
5,486

 
25,484

Valuation adjustments and write-offs of option deposits and pre-acquisition costs
12,048

 
1,930

Changes in assets and liabilities:
 
 
 
Decrease in restricted cash
12,801

 
10,842

(Increase) decrease in receivables
(22,406
)
 
264,714

Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs
(548,725
)
 
(601,711
)
(Increase) decrease in other assets
(26,582
)
 
12,846

Decrease in loans held-for-sale
422,991

 
339,492

Decrease in accounts payable and other liabilities
(46,325
)
 
(11,061
)
Net cash (used in) provided by operating activities
(142,728
)
 
79,324

Cash flows from investing activities:
 
 
 
Net additions of operating properties and equipment
(40,810
)
 
(25,785
)
Proceeds from sale of investment in unconsolidated entity
175,179

 

Investments in and contributions to unconsolidated entities
(62,575
)
 
(151,706
)
Distributions of capital from unconsolidated entities
20,927

 
39,961

Proceeds from sales of real estate owned
18,080

 
24,215

Other proceeds, net
2,627

 
2,029

Originations of loans receivable

 
(9,330
)
Purchases of commercial mortgage-backed securities bonds
(31,068
)
 
(40,357
)
Acquisitions, net of cash acquired
(1,101,739
)
 
(596,172
)
Decrease (increase) in Lennar Financial Services loans held-for-investment, net
1,590

 
(2,025
)
Purchases of Lennar Financial Services investment securities
(20,894
)
 
(12,204
)
Proceeds from maturities/sales of Lennar Financial Services investments securities
10,473

 
5,292

Net cash used in investing activities
$
(1,028,210
)
 
(766,082
)






See accompanying notes to condensed consolidated financial statements.
5

Lennar Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(unaudited)


 
Three Months Ended
 
February 28,
 
2018
 
2017
Cash flows from financing activities:
 
 
 
Net borrowings under revolving lines of credit
$
45,300

 
250,000

Net repayments under warehouse facilities
(344,511
)
 
(543,356
)
Proceeds from senior notes

 
600,000

Debt issuance costs
(12,039
)
 
(10,848
)
Proceeds from Rialto notes payable
32,226

 
35,460

Principal payments on Rialto senior notes and other notes payable
(100,161
)
 
(2,971
)
Proceeds from other borrowings
581

 
7,395

Payments related to other liabilities
(1,478
)
 

Principal payments on other borrowings
(15,387
)
 
(16,242
)
Receipts related to noncontrolling interests
3,852

 
153

Payments related to noncontrolling interests
(23,760
)
 
(25,871
)
Excess tax benefits from share-based awards

 
1,953

Common stock:
 
 
 
Issuances

 
99

Repurchases
(25,355
)
 
(83
)
Dividends
(9,617
)
 
(9,400
)
Net cash (used in) provided by financing activities
(450,349
)
 
286,289

Net decrease in cash and cash equivalents
(1,621,287
)
 
(400,469
)
Cash and cash equivalents at beginning of period
2,650,872

 
1,329,529

Cash and cash equivalents at end of period
$
1,029,585

 
929,060

Summary of cash and cash equivalents:
 
 
 
Lennar Homebuilding
$
733,905

 
640,816

Lennar Financial Services
165,849

 
162,513

Rialto
113,582

 
119,308

Lennar Multifamily
16,249

 
6,423

 
$
1,029,585

 
929,060

Supplemental disclosures of non-cash investing and financing activities:
 
 
 
Lennar Homebuilding and Lennar Multifamily:
 
 
 
Non-cash contributions to unconsolidated entities
$
523

 
25,315

Non-cash increase in consolidated inventory not owned
$

 
115,000

Purchases of inventories and other assets financed by sellers
$
23,503

 
80,919

Equity component of acquisition consideration
$
5,070,006

 

Consolidation/deconsolidation of unconsolidated/consolidated entities, net:
 
 
 
Inventories
$
35,430

 

Receivables
$
7,198

 

Investments in unconsolidated entities
$
(25,614
)
 

Other liabilities
$
(17,014
)
 


See accompanying notes to condensed consolidated financial statements.
6



Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements
(unaudited)
(1)
Basis of Presentation
Basis of Consolidation
The accompanying condensed consolidated financial statements include the accounts of Lennar Corporation and all subsidiaries, partnerships and other entities in which Lennar Corporation has a controlling interest and VIEs (see Note 16) in which Lennar Corporation is deemed to be the primary beneficiary (the "Company"). The Company’s investments in both unconsolidated entities in which a significant, but less than controlling, interest is held and in VIEs in which the Company is not deemed to be the primary beneficiary, are accounted for by the equity method. All intercompany transactions and balances have been eliminated in consolidation. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended November 30, 2017. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the accompanying condensed consolidated financial statements have been made.
The Company has historically experienced, and expects to continue to experience, variability in quarterly results. The condensed consolidated statements of operations for the three months ended February 28, 2018 are not necessarily indicative of the results to be expected for the full year.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Reclassifications/Revisions
Certain prior year amounts in the consolidated financial statements have been reclassified to conform with the 2018 presentation. These reclassifications had no impact on the Company's condensed consolidated financial statements.
(2)
Business Acquisitions
Acquisition of CalAtlantic Group, Inc.
On February 12, 2018, the Company completed the acquisition of CalAtlantic Group, Inc. (“CalAtlantic”) through a transaction in which CalAtlantic was merged with and into a wholly-owned subsidiary of the Company (“Merger Sub”), with Merger Sub continuing as the surviving corporation and a wholly-owned subsidiary of the Company (the “Merger”). The Merger took place pursuant to the Agreement and Plan of Merger dated as of October 29, 2017, among CalAtlantic, the Company and Merger Sub (the “Merger Agreement”). CalAtlantic is a homebuilder which builds homes across the homebuilding spectrum, from entry level to luxury, in 43 metropolitan statistical areas spanning 19 states. CalAtlantic also provides mortgage, title and escrow services. A primary reason for the acquisition was to increase local market concentration in order to generate synergies and efficiencies.
Based on an evaluation of the provisions of Accounting Standard Codification ("ASC"), Topic 805, Business Combinations, ("ASC 805"), Lennar Corporation was determined to be the acquirer for accounting purposes. The purchase price accounting reflected in the accompanying financial statements is provisional and is based upon estimates and assumptions that are subject to change within the measurement period (up to one year from the acquisition date pursuant to ASC 805). The measurement period remains open pending the completion of valuation procedures related to the acquired assets and assumed liabilities. The $3.4 billion allocated to goodwill represents the excess of the purchase price over the estimated fair value of assets acquired and liabilities assumed.






7



The following table summarizes the purchase price allocation based on the estimated fair value of net assets acquired and liabilities assumed at the date of acquisition:
(Dollars in thousands)
 
CalAtlantic shares of common stock outstanding
118,025,879

CalAtlantic shares electing cash conversion
24,083,091

CalAtlantic shares exchanged
93,942,788

Exchange ratio for Class A common stock
0.885

Exchange ratio for Class B common stock
0.0177

Number of shares of Lennar Class A common stock issued in exchange
83,138,277

Number of shares of Lennar Class B common stock issued in exchange (due to Class B common stock dividend)
1,662,172

 
 
Consideration attributable to Class A common stock
$
4,933,425

Consideration attributable to Class B common stock
77,823

Consideration attributable to equity awards that convert upon change of control
58,755

Consideration attributable to cash including fractional shares
1,162,344

Total purchase price
$
6,232,347


(In thousands)
 
ASSETS
 
Homebuilding:
 
Cash and cash equivalents, restricted cash and receivables, net
$
57,879

Inventories
6,288,283

Intangible assets (1)
8,000

Investments in unconsolidated entities
151,858

Goodwill (2)
3,296,911

Other assets
577,623

Total Homebuilding assets
10,380,554

Financial Services (2)
322,804

Total assets
10,703,358

LIABILITIES
 
Homebuilding:
 
Accounts payable
85,001

Senior notes payable and other debts
3,922,987

Other liabilities (3)
349,520

Total Homebuilding liabilities
4,357,508

Financial Services
95,073

Total liabilities
4,452,581

Noncontrolling interests (4)
18,430

Total purchase price
$
6,232,347

(1)
Intangible assets includes trade name. The amortization period for the trade name is approximately six months.
(2)
Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed, and it is generally not deductible for income tax purposes. As of the merger date, goodwill consisted primarily of expected greater efficiencies and opportunities due to increased concentration of local market share, reduced general and administrative costs and reduced homebuilding costs resulting from the merger and cost savings as a result of additional homebuilding and non-homebuilding synergies. The assignment of goodwill by the Company's reporting segments has not been completed yet, however, a provisional amount of goodwill of approximately$150 million was allocated to Lennar Financial Services.
(3)
Other liabilities includes contingencies assumed at the Merger date, which includes warranty and legal reserves. Warranty reserves for homes are established at an amount estimated to be adequate to cover potential costs for materials and labor with regard to warranty-type claims expected to be incurred subsequent to the delivery of a home. Warranty reserves are determined based on historical data and trends with respect to similar product types and geographical areas. Consistent with ASC 450, Contingencies, legal reserves are established when a loss is considered probable and the amount of loss can be reasonably estimated.
(4)
Fair value of noncontrolling interests was measured using discounted cash flows of expected future contributions and distributions.

8



Lennar Homebuilding revenue and net earnings attributable to Lennar for the three months ended February 28, 2018 included $373.4 million of home sales revenue and $108.5 million of a pre-tax loss from CalAtlantic from the date of acquisition to February 28, 2018, which included acquisition and integration costs of $104.2 million from both Lennar and CalAtlantic. These transaction expenses were included within acquisition and integration costs related to CalAtlantic in the accompanying condensed consolidated statement of operations for the three months ended February 28, 2018.
The following presents summarized unaudited supplemental pro forma operating results as if CalAtlantic had been included in the Company's Consolidated Statements of Operations as of the beginning of the quarter presented.
 
Three Months Ended
 
February 28,
(Dollars in thousands, except per share amounts)
2018
 
2017
Revenues from home sales
$
4,194,203

 
3,611,375

Net earnings (1)
130,496

 
156,234

Earnings per share:
 
 
 
Basic
$
0.51

 
0.62

Diluted
$
0.51

 
0.61


(1)
Net earnings for three months ended February 28, 2018 include a pre-tax impact from acquisition and integration costs related to CalAtlantic of $104.2 million.
The supplemental pro forma operating results have been determined after adjusting the operating results of CalAtlantic to reflect additional amortization that would have been recorded assuming the fair value adjustment to intangible assets had been applied beginning December 1, 2016. Certain other adjustments, including those related to conforming accounting policies and adjusting acquired inventory to fair value, have not been reflected in the supplemental pro forma operating results due to the impracticability of estimating their impacts.
Acquisition of WCI Communities, Inc. in February 2017
On February 10, 2017, the Company acquired WCI Communities, Inc. ("WCI") a homebuilder of luxury single and multifamily homes, including a small percentage of luxury high-rise tower units, with operations in Florida. WCI stockholders received $642.6 million in cash. The cash consideration was funded primarily from working capital and proceeds from the issuance of 4.125% senior notes due 2022 (see Note 12).
Based on an evaluation of the provisions of ASC 805, Lennar Corporation was determined to be the acquirer for accounting purposes. The following table summarizes the purchase price allocation based on the estimated fair value of net assets acquired and liabilities assumed at the date of acquisition:
(In thousands)
 
ASSETS
 
Cash and cash equivalents, restricted cash and receivables, net
$
42,079

Inventories
613,495

Intangible assets (1)
59,283

Goodwill (2)
156,566

Deferred tax assets, net
88,147

Other assets
66,173

Total assets
1,025,743

LIABILITIES
 
Accounts payable
26,735

Senior notes and other debts payable
282,793

Other liabilities
73,593

Total liabilities
383,121

Total purchase price
$
642,622


9



(1)
Intangible assets include non-compete agreements and a trade name. The amortization period for these intangible assets was six months for the non-compete agreements and 20 years for the trade name.
(2)
Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed, and it is not deductible for income tax purposes. As of the merger date, goodwill consisted primarily of purchasing and other synergies resulting from the merger, expected production, savings in corporate and division overhead costs and expected expanded opportunities for growth through a higher-end more luxurious product, greater presence in the state of Florida and customer diversity. The amount of goodwill allocated to the Company's Homebuilding East segment was $136.6 million and to the Lennar Financial Services segment was $20.0 million. These amounts were based on the relative fair value of each acquired reporting unit in accordance with ASC 350, Intangibles-Goodwill and Other.
For the three months ended February 28, 2017, Lennar Homebuilding revenues included $19.5 million of home sales revenues from WCI and earnings before income taxes included $8.9 million of pre-tax earnings from WCI since the date of acquisition, which included transaction-related expenses of $11.0 million comprised mainly of severance costs, general and administrative expenses, and amortization expense related to non-compete agreements and trade name since the date of acquisition. These transaction expenses were included primarily within Lennar Homebuilding selling, general and administrative expenses in the accompanying condensed consolidated statement of operations for the three months ended February 28, 2017. The pro forma effect of the acquisition on the results of operations is not presented as this acquisition was not considered material.
(3)
Operating and Reporting Segments
The Company’s operating segments are aggregated into reportable segments, based primarily upon similar economic characteristics, geography and product type. The Company’s reportable segments consist of:
(1) Homebuilding East
(2) Homebuilding Central
(3) Homebuilding West
(4) Lennar Financial Services
(5) Rialto
(6) Lennar Multifamily
Information about homebuilding activities in states which are not economically similar to other states in the same geographic area is grouped under "Homebuilding Other," which is not considered a reportable segment.
Evaluation of segment performance is based primarily on operating earnings (loss) before income taxes. Operations of the Company’s homebuilding segments primarily include the construction and sale of single-family attached and detached homes as well as the purchase, development and sale of residential land directly and through the Company’s unconsolidated entities. Operating earnings (loss) for the homebuilding segments consist of revenues generated from the sales of homes and land, equity in earnings (loss) from unconsolidated entities and other income (expense), net, less the cost of homes sold and land sold, selling, general and administrative expenses incurred by the segment and loss due to litigation.
The Company’s reportable homebuilding segments and all other homebuilding operations not required to be reported separately have homebuilding divisions located in:
East: Florida, Georgia, Maryland, New Jersey, North Carolina, South Carolina and Virginia
Central: Arizona, Colorado and Texas
West: California and Nevada
Other: Illinois, Indiana, Minnesota, Oregon, Tennessee, Utah and Washington
Operations of the Lennar Financial Services segment include primarily mortgage financing, title insurance, closing services and property and casualty insurance for both buyers of the Company’s homes and others. It also includes a real estate brokerage business acquired as part of the WCI transaction. The Lennar Financial Services segment sells substantially all of the loans it originates within a short period in the secondary mortgage market, the majority of which are sold on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Lennar Financial Services’ operating earnings consist of revenues generated primarily from mortgage financing, title insurance, property and casualty insurance, closing services and real estate brokerage, less the cost of such services and certain selling, general and administrative expenses incurred by the segment. The Lennar Financial Services segment operates generally in the same states as the Company’s homebuilding operations as well as in other states.
Operations of the Rialto segment include raising, investing and managing third-party capital, originating and securitizing commercial mortgage loans as well as investing its own capital in real estate related mortgage loans, properties and related securities. Rialto utilizes its vertically-integrated investment and operating platform to underwrite, diligence, acquire, manage, workout and add value to diverse portfolios of real estate loans, properties and real estate related securities as well as providing

10



strategic real estate capital. Rialto’s operating earnings(loss) consist of revenues generated primarily from gains from securitization transactions and interest income from the Rialto Mortgage Finance ("RMF") business, interest income associated with portfolios of real estate loans acquired and other portfolios of real estate loans and assets acquired, asset management, due diligence and underwriting fees derived from the real estate investment funds managed by the Rialto segment, fees for sub-advisory services, other income (expense), net and equity in earnings (loss) from unconsolidated entities, less the costs incurred by the segment for managing portfolios, costs related to RMF and other general and administrative expenses.
Operations of the Lennar Multifamily segment include revenues generated from the sales of land, revenue from construction activities and management fees generated from joint ventures and equity in earnings (loss) from unconsolidated entities, less the cost of sales of land sold, expenses related to construction activities and general and administrative expenses.
Each reportable segment follows the same accounting policies described in Note 1 – "Summary of Significant Accounting Policies" to the consolidated financial statements in the Company’s Form 10-K for the year ended November 30, 2017. Operational results of each segment are not necessarily indicative of the results that would have occurred had the segment been an independent, stand-alone entity during the periods presented.
Financial information relating to the Company’s operations was as follows:
(In thousands)
February 28,
2018
 
November 30,
2017
Assets:
 
 
 
Homebuilding East
$
7,537,607

 
4,754,581

Homebuilding Central
3,609,537

 
2,037,905

Homebuilding West
7,668,640

 
5,165,218

Homebuilding Other
1,547,102

 
960,541

Lennar Financial Services
1,748,432

 
1,689,508

Rialto
909,249

 
1,153,840

Lennar Multifamily
892,830

 
710,725

Corporate and unallocated
4,030,626

 
2,272,716

Total assets
$
27,944,023

 
18,745,034

Lennar Homebuilding goodwill (1)
$
3,433,477

 
136,566

Lennar Financial Services goodwill (1)
$
210,628

 
59,838

Rialto goodwill
$
5,396

 
5,396


(1)
In connection with the CalAtlantic acquisition, the Company recorded a provisional amount of homebuilding goodwill of $3.3 billion. The allocation of goodwill by homebuilding reporting segment has not yet been finalized. A provisional amount of goodwill related to the CalAtlantic acquisition of $150 million was allocated to Lennar Financial Services. In connection with the WCI acquisition in 2017, the Company allocated $136.6 million of goodwill to the Lennar Homebuilding East reportable segment and $20.0 million to the Lennar Financial Services segment.

11



 
Three Months Ended
 
February 28,
(In thousands)
2018
 
2017
Revenues:
 
 
 
Homebuilding East
$
1,070,654

 
767,726

Homebuilding Central
611,780

 
516,181

Homebuilding West
779,879

 
552,798

Homebuilding Other
199,780

 
181,989

Lennar Financial Services
171,140

 
148,043

Rialto
54,302

 
82,006

Lennar Multifamily
93,256

 
88,685

Total revenues (1)
$
2,980,791

 
2,337,428

Operating earnings (loss) (2):
 
 
 
Homebuilding East (3)
$
105,921

 
(55,709
)
Homebuilding Central (4)
42,546

 
52,858

Homebuilding West (5)
251,276

 
53,360

Homebuilding Other (6)
13,984

 
20,829

Lennar Financial Services
19,695

 
20,664

Rialto
9,212

 
(843
)
Lennar Multifamily
(1,201
)
 
19,183

Total operating earnings
441,433

 
110,342

Acquisition and integration costs related to CalAtlantic
104,195

 

Corporate general and administrative expenses
67,810

 
60,699

Earnings before income taxes
$
269,428

 
49,643

(1)
Total revenues were net of sales incentives of $149.9 million ($22,300 per home delivered) for the three months ended February 28, 2018, compared to $123.5 million ($22,700 per home delivered) for the three months ended February 28, 2017.
(2)
All homebuilding segments and Homebuilding other were impacted by purchase accounting adjustments for three months ended February 28, 2018.
(3)
Homebuilding East operating earnings for the three months ended February 28, 2017 included a $140 million loss due to litigation (see Note 17).
(4)
Homebuilding Central operating earnings for the three months ended February 28, 2018 included a $6.9 million valuation adjustment.
(5)
Homebuilding West operating earnings includes $164.9 million related to a gain on the sale of an 80% interest in one of Lennar Homebuilding's strategic joint ventures, Treasure Island Holdings.
(6)
Homebuilding Other operating earnings for the three months ended February 28, 2018 were impacted by the timing of opening and closing of communities.

(4)
Lennar Homebuilding Investments in Unconsolidated Entities
Summarized condensed financial information on a combined 100% basis related to Lennar Homebuilding’s unconsolidated entities that are accounted for by the equity method was as follows:
Statements of Operations
 
Three Months Ended
 
February 28,
(In thousands)
2018
 
2017
Revenues
$
68,872

 
46,136

Costs and expenses
108,424

 
79,066

Net loss of unconsolidated entities
$
(39,552
)
 
(32,930
)
Lennar Homebuilding equity in loss from unconsolidated entities
$
(14,287
)
 
(11,534
)

For the three months ended February 28, 2018, Lennar Homebuilding equity in loss from unconsolidated entities was primarily attributable to the Company's share of valuation adjustments related to assets of Lennar Homebuilding's unconsolidated entities and the Company's share of net operating losses from its unconsolidated entities.
For the three months ended February 28, 2017, Lennar Homebuilding equity in loss from unconsolidated entities was primarily attributable to the Company’s share of net operating losses from its unconsolidated entities. The operating losses from

12



the Company's unconsolidated entities were primarily driven by general and administrative expenses, as there were not sufficient land sale transactions to offset those expenses during the three months ended February 28, 2017.
Balance Sheets
(In thousands)
February 28,
2018
 
November 30,
2017
Assets:
 
 
 
Cash and cash equivalents
$
816,965

 
953,261

Inventories
4,155,615

 
3,751,525

Other assets
1,063,853

 
1,061,507

 
$
6,036,433

 
5,766,293

Liabilities and equity:
 
 
 
Accounts payable and other liabilities
$
907,108

 
832,151

Debt (1)
736,596

 
737,331

Equity
4,392,729

 
4,196,811

 
$
6,036,433

 
5,766,293

(1)
Debt presented above is net of debt issuance costs of $5.3 million and $5.7 million, as of February 28, 2018 and November 30, 2017, respectively.
In May 2017, FivePoint Holdings, LLC ("FivePoint") completed its initial public offering ("IPO"). Concurrent with the IPO, the Company invested an additional $100 million in FivePoint in a private placement. As of February 28, 2018, the Company owns approximately 40% of FivePoint and the carrying amount of the Company's investment is $352.0 million.
As of February 28, 2018 and November 30, 2017, the Company’s recorded investments in Lennar Homebuilding unconsolidated entities were $990.7 million and $900.8 million, respectively, while the underlying equity in Lennar Homebuilding unconsolidated entities partners’ net assets as of February 28, 2018 and November 30, 2017 was $1.4 billion and $1.3 billion, respectively. The basis difference is primarily as a result of the Company contributing its investment in three strategic joint ventures with a higher fair value than book value for an investment in the FivePoint entity and deferring equity in earnings on land sales to the Company.
In 2017, the Company entered into a Membership Interest Purchase Agreement and a Payment Escrow Agreement (“Agreement”) with one of its strategic joint ventures under which the Company agreed to sell 80% to a third-party. Under the terms of the Agreement, the sale transaction was contingent upon the satisfaction of certain conditions. In January 2018, conditions were fulfilled and the transaction was closed resulting in gains of $164.9 million recorded in Lennar Homebuilding other income, net within the accompanying condensed consolidated statement of operations for the three months ended February 28, 2018.
The Lennar Homebuilding unconsolidated entities in which the Company has investments usually finance their activities with a combination of partner equity and debt financing. In some instances, the Company and its partners have guaranteed debt of certain unconsolidated entities.
The total debt of the Lennar Homebuilding unconsolidated entities in which the Company has investments, including Lennar's maximum recourse exposure, were as follows:
(Dollars in thousands)
February 28,
2018
 
November 30,
2017
Non-recourse bank debt and other debt (partner’s share of several recourse)
$
62,720

 
64,197

Non-recourse land seller debt and other debt
1,997

 
1,997

Non-recourse debt with completion guarantees
251,235

 
255,903

Non-recourse debt without completion guarantees
355,844

 
351,800

Non-recourse debt to the Company
671,796

 
673,897

The Company’s maximum recourse exposure (1)
70,096